Ринок інвестиційних фінансових послуг в умовах екологізації економічного буття та становлення економіки сталого розвитку
Ключові слова:
ринок інвестиційних фінансових послуг, сталий розвиток, стале фінансування, зелені облігації, інституційне середовище
Анотація
Розвинено парадигмальні детермінанти та обґрунтовано структурування еволюційної трансформації фінансового сектору в умовах становлення економіки сталого розвитку. Набула подальшого розвитку класифікація зелених облігацій. Здійснено оцінку динаміки зміни економічних параметрів розвитку ринку зелених облігацій у світовому вимірі. Розкрито еволюцію регламентації економічних відносин у сфері обігу зелених облігацій у країнах Європи та окреслено напрями нівелювання перешкод розвитку ринку зелених облігацій за інституційним підходом.
Завантаження
Дані завантаження ще не доступні.
Посилання
1. Markevych, K., & Sidenko, V. (2019). «Zeleni» investytsiyi u stalomu rozvytku: svitovyy dosvid ta ukrayinsʹkyy kontekst ["Green" investments in sustainable develop-ment: world experience and the Ukrainian context]. Kyiv : Tsentr Razumkova. Vydavnytstvo «Zapovit». [in Ukrainian].
2. Atamanjuk, Ju. & Mahortov, YU. O. (2017). Ekolohizatsiya ekonomiky Ukrayiny v konteksti staloho rozvytku [Ecologization of the economy of ukraine in the context of sustainable development]. Problemy innovatsiyno-investytsiynoho rozvytku – Problems of innovation and investment development, 11, 20-26. Retrieved from: https://nonproblem.net/wp-content/uploads/2019/12/2017_11_020.pdf. [in Ukrainian].
3. Tunytsya, YU.YU., Semenyuk, E.P. & Tunytsya, T.YU. (2011). Ekolohizatsiya ekonomiky: teoretyko-metodolohichnyy aspekt [Greening of the economy: theoreti-cal and methodological aspect]. Ekonomichna teoriya – Economic theory, 2, 5-15. [in Ukrainian].
4. Kharlamova, H. & Chala, N. (Eds). (2022). Derzhavna polityka staloho rozvytku Ukrayiny: bazovi zasady : materialy pidhotovky do Parlament·sʹkykh slukhanʹ 2021 [State policy of sustainable development of Ukraine: basic principles: preparation materials for Parliamentary hearings 2021]. Kyiv. [in Ukrainian].
5. Kotsko, T. (2020). Ekolohizatsiya ekonomiky yak instrument perekhodu do staloho rozvytku v umovakh nezavershenosti transformatsiynykh protsesiv [Ecologi-zation of the economy as a tool of the transition to sustainable development in the conditions of unfinished transformation processes]. Vcheni zapysky TNU imeni V. I. Vernadsʹkoho. Seriya: Ekonomika i upravlinnya – Scientific notes of TNU named af-ter V. I. Vernadskyi. Series: Economics and management, 31(70), 3, 63-70. [in Ukrainian].
6. Pimonenko, T. (2018). Zeleni investytsiyi yak rushiyna syla poshyrennya enerhoefektyvnykh proektiv: dosvid EU dlya Ukrayiny [Green investments as a driv-ing force to the spreading of energy efficient projects: EU experience for Ukraine]. Ekonomichnyy prostir – Economic space, 139, 229-241. [in Ukrainian].
7. Kharichkov, S. & Andryeeva, N. (2010). «Zeleni investytsiyi» yak katalizator perekhodu do novoho kursu rozvytku ekonomiky: mizhnarodni oriyentyry i perspektyvy vprovadzhennya [«Green investment» as a catalyst for transition to a new rate economic development: international and directions of future]. Ekonomist – Economist, 12, 6-21. [in Ukrainian].
8. Blaga, V. & Blagoy, V. (2018). Vplyv ekolohichnykh finansovykh instrumentiv na rozvytok ekonomiky rehioniv [The impact of environmental financial instruments on the development of the regional economy]. Efektyvnistʹ suchasnoho biznesu v umovakh dynamichnoho seredovyshcha : kolektyvna monohrafiya [Effectiveness of modern business in a dynamic environment: a collective monograph]. Kharkiv. [in Ukrainian].
9. Blaga V., Blagoy V. & Popadinets, O. (2018). Zeleni investytsiyi yak zasib vyrishennya ekolohichnykh problem suspilʹstva ta rozvytku natsionalʹnoyi ekonomiky [Green investments as a case for solving environmental problems of society and development of the national economy]. Problemy ta perspektyvy rozvytku pidpryyemnytstva – Problems and prospects of entrepreneurship development, 20. [in Ukrainian].
10. Karlin, M. & Prots, N. (2022). Problemy ta neobkhidnist «zelenoho finansuvannya» u povoyennyy period vidbudovy ekonomiky Ukrayiny [Problems and necessity of «green financing» in the post-war rebuilding period the economy of Ukraine]. Ekonomichnyy chasopys Volynsʹkoho natsionalʹnoho universytetu imeni Lesi Ukrayinky – Economic journal of Volyn National University named after Lesya Ukrainka, 3, 29-36. DOI: https://doi.org/10.29038/2786-4618-2022-03-29-36. [in Ukrainian].
11. Croce, R. D., Kaminker, Ch. & Stewart, F. (2011). The Role of Pension Funds in Financing Green Growth Initiatives. OECD Working Papers on Finance, Insur-ance and Private Pensions, 10. Retrieved from: http://www.oecd.org/
finance/private-pensions/49016671.pdf.
12. Kazlauskiene, V., Draksaite, A. & Melnyk, L. (2017). Green Investment Financ-ing Alternatives. Proceedings of the 2017 International Conference “Economic Sci-ence for Rural Development” (Jelgava, LLU ESAF, 27-28 April 2017), 46, 250-257. Retrieved from: http://llufb.llu.lv/conference/economic_science_rural/2017/Latvia_ESRD_46_2017-250-257.pdf.
13. Venugopal, S., Srivastava, A., Polycarp, C. & Taylor, E. (2012). Public Financ-ing Instruments to Leverage Private Capital for Climate-Relevant Investment: Focus on Multilateral Agencies. Working paper. World Resources Institute. Retrieved from: http://pdf.wri.org/public_financing_instruments_leverage_private_capital_climate_relevant_investment_focus_multilateral_agencies.pdf.
14. Mengjuan, M., Xiao, Zh., Meishan, L. & Xiaodong, H. (2023). Combining the role of green finance and environmental sustainability on green economic growth: Evidence from G-20 economies. Renewable Energy, 207, 128-136. https://doi.org/10.1016/j.renene.2023.02.046.
15. Numan, U., Ma, B., Sadiq, M., Bedru, H. D., & Jiang, C. (2023). The role of green finance in mitigating environmental degradation: Empirical evidence and policy implications from complex economies. Journal of Cleaner Production, 400. https://doi.org/10.1016/j.jclepro.2023.136693.
16. Bakry, W., Mallik, G., Nghiem, X.-H., Sinha, A., & Vo, X. V. (2023). Is green finance really “green”? Examining the long-run relationship between green finance, renewable energy and environmental performance in developing countries. Renewa-ble Energy, 208, 341-355. https://doi.org/10.1016/j.renene.2023.03.020.
17. Heijer, Ch., & Coppens, T. (2023). Paying for green: A scoping review of alternative financing models for nature-based solutions. Journal of Environmental Management, 337. https://doi.org/10.1016/j.jenvman.2023.117754.
18. Chenet, H., Ryan-Collins, J., & Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183. https://doi.org/10.1016/j.ecolecon.2021.106957.
19. Kulʹchytsʹkyy, YA.V. (2013). Instytutsiyni zasady ekolohizatsiyi ekonomichnykh system v umovakh posylennya hlobalizatsiyi [Institutional bases of the ecologization of economic systems in the conditions of strengthening of globaliza-tion]. Naukovyy visnyk NLTU Ukrayiny. Seriya «Ekonomika, planuvannya ta upravlinnya v haluzyakh» - Scientific bulletin of NLTU of Ukraine. Series "Econom-ics, planning and management in industries", 23, 18, 116-124. [in Ukrainian].
20. Chukhno, A.A. (2003). Postindustrialʹna ekonomika: teoriya, praktyka ta yikh znachennya dlya Ukrayiny [Post-industrial economy: theory, practice and their sig-nificance for Ukraine]. Kyyiv : Vyd-vo «Lohos». [in Ukrainian].
21. Tunytsya, YU.YU. (2006). Ekoekonomika i rynok: podolannya superechnostey [Eco-economy and the market: overcoming contradictions]. Kyyiv : Vyd-vo «Znannya». [in Ukrainian].
22. Deutsche Bundesbank Eurosystem. (2022). Volume of green bonds issued in Germany and the EU-27. Retrieved from: https://www.bundesbank.de/resource/blob/862744/78d0306d669b571a127b86c329563993/mL/f0110-data.png. [in English].
23. Statista Research Department. (2022). Value of green bonds issued worldwide 2014-2021. Retrieved from: https://www.statista.com/statistics/1289406/green-bonds-issued-worldwide/.
24. National bank of Ukraine. (2021). Polityka shchodo rozvytku staloho finansu-vannya na period do 2025 roku [Policy on the development of sustainable financing for the period until 2025]. Retrieved from: https://bank.gov.ua/admin_uploads/article/Policy_rozvytok-stalogo-finansuvannja_2025.pdf?v=4. [in Ukrainian].
25. Energy reform. (2019). Perspektivy razvitiya rynka «zelenykh» obligatsiy v Ukraine [Prospects for the development of the green bond market in Ukraine]. Re-trieved from: http://reform.energy/analitics/perspektivy-razvitiya-rynka-zelenykh-obligatsiy-v-ukraine-11404. [in Ukrainian].
26. Green Finance Platform. Detailed roadmap of climate change-related actions. www.ecb.europa.eu. Retrieved from: https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1_annex~f84ab35968.en.pdf.
27. The concept of the introduction and development of the green bond market in Ukraine : order of the Cabinet of Ministers of Ukraine No. 175-r (2022, February 23) Retrieved from: https://zakon.rada.gov.ua/laws/show/175-2022-%D1%80#Text. [in Ukrainian].
28. Law of Ukraine On capital markets and organized commodity markets No. 3480-IV (2006, February 23). Retrieved from: https://ips.ligazakon.net/document/t063480?an=596. [in Ukrainian].
29. IFC, Bloomberg (2022). Emerging Market Green Bonds Report 2021.
30. European Commission. (2023). European green bond standard. fi-nance.ec.europa.eu. Retrieved from: https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/european-green-bond-standard_en.
2. Atamanjuk, Ju. & Mahortov, YU. O. (2017). Ekolohizatsiya ekonomiky Ukrayiny v konteksti staloho rozvytku [Ecologization of the economy of ukraine in the context of sustainable development]. Problemy innovatsiyno-investytsiynoho rozvytku – Problems of innovation and investment development, 11, 20-26. Retrieved from: https://nonproblem.net/wp-content/uploads/2019/12/2017_11_020.pdf. [in Ukrainian].
3. Tunytsya, YU.YU., Semenyuk, E.P. & Tunytsya, T.YU. (2011). Ekolohizatsiya ekonomiky: teoretyko-metodolohichnyy aspekt [Greening of the economy: theoreti-cal and methodological aspect]. Ekonomichna teoriya – Economic theory, 2, 5-15. [in Ukrainian].
4. Kharlamova, H. & Chala, N. (Eds). (2022). Derzhavna polityka staloho rozvytku Ukrayiny: bazovi zasady : materialy pidhotovky do Parlament·sʹkykh slukhanʹ 2021 [State policy of sustainable development of Ukraine: basic principles: preparation materials for Parliamentary hearings 2021]. Kyiv. [in Ukrainian].
5. Kotsko, T. (2020). Ekolohizatsiya ekonomiky yak instrument perekhodu do staloho rozvytku v umovakh nezavershenosti transformatsiynykh protsesiv [Ecologi-zation of the economy as a tool of the transition to sustainable development in the conditions of unfinished transformation processes]. Vcheni zapysky TNU imeni V. I. Vernadsʹkoho. Seriya: Ekonomika i upravlinnya – Scientific notes of TNU named af-ter V. I. Vernadskyi. Series: Economics and management, 31(70), 3, 63-70. [in Ukrainian].
6. Pimonenko, T. (2018). Zeleni investytsiyi yak rushiyna syla poshyrennya enerhoefektyvnykh proektiv: dosvid EU dlya Ukrayiny [Green investments as a driv-ing force to the spreading of energy efficient projects: EU experience for Ukraine]. Ekonomichnyy prostir – Economic space, 139, 229-241. [in Ukrainian].
7. Kharichkov, S. & Andryeeva, N. (2010). «Zeleni investytsiyi» yak katalizator perekhodu do novoho kursu rozvytku ekonomiky: mizhnarodni oriyentyry i perspektyvy vprovadzhennya [«Green investment» as a catalyst for transition to a new rate economic development: international and directions of future]. Ekonomist – Economist, 12, 6-21. [in Ukrainian].
8. Blaga, V. & Blagoy, V. (2018). Vplyv ekolohichnykh finansovykh instrumentiv na rozvytok ekonomiky rehioniv [The impact of environmental financial instruments on the development of the regional economy]. Efektyvnistʹ suchasnoho biznesu v umovakh dynamichnoho seredovyshcha : kolektyvna monohrafiya [Effectiveness of modern business in a dynamic environment: a collective monograph]. Kharkiv. [in Ukrainian].
9. Blaga V., Blagoy V. & Popadinets, O. (2018). Zeleni investytsiyi yak zasib vyrishennya ekolohichnykh problem suspilʹstva ta rozvytku natsionalʹnoyi ekonomiky [Green investments as a case for solving environmental problems of society and development of the national economy]. Problemy ta perspektyvy rozvytku pidpryyemnytstva – Problems and prospects of entrepreneurship development, 20. [in Ukrainian].
10. Karlin, M. & Prots, N. (2022). Problemy ta neobkhidnist «zelenoho finansuvannya» u povoyennyy period vidbudovy ekonomiky Ukrayiny [Problems and necessity of «green financing» in the post-war rebuilding period the economy of Ukraine]. Ekonomichnyy chasopys Volynsʹkoho natsionalʹnoho universytetu imeni Lesi Ukrayinky – Economic journal of Volyn National University named after Lesya Ukrainka, 3, 29-36. DOI: https://doi.org/10.29038/2786-4618-2022-03-29-36. [in Ukrainian].
11. Croce, R. D., Kaminker, Ch. & Stewart, F. (2011). The Role of Pension Funds in Financing Green Growth Initiatives. OECD Working Papers on Finance, Insur-ance and Private Pensions, 10. Retrieved from: http://www.oecd.org/
finance/private-pensions/49016671.pdf.
12. Kazlauskiene, V., Draksaite, A. & Melnyk, L. (2017). Green Investment Financ-ing Alternatives. Proceedings of the 2017 International Conference “Economic Sci-ence for Rural Development” (Jelgava, LLU ESAF, 27-28 April 2017), 46, 250-257. Retrieved from: http://llufb.llu.lv/conference/economic_science_rural/2017/Latvia_ESRD_46_2017-250-257.pdf.
13. Venugopal, S., Srivastava, A., Polycarp, C. & Taylor, E. (2012). Public Financ-ing Instruments to Leverage Private Capital for Climate-Relevant Investment: Focus on Multilateral Agencies. Working paper. World Resources Institute. Retrieved from: http://pdf.wri.org/public_financing_instruments_leverage_private_capital_climate_relevant_investment_focus_multilateral_agencies.pdf.
14. Mengjuan, M., Xiao, Zh., Meishan, L. & Xiaodong, H. (2023). Combining the role of green finance and environmental sustainability on green economic growth: Evidence from G-20 economies. Renewable Energy, 207, 128-136. https://doi.org/10.1016/j.renene.2023.02.046.
15. Numan, U., Ma, B., Sadiq, M., Bedru, H. D., & Jiang, C. (2023). The role of green finance in mitigating environmental degradation: Empirical evidence and policy implications from complex economies. Journal of Cleaner Production, 400. https://doi.org/10.1016/j.jclepro.2023.136693.
16. Bakry, W., Mallik, G., Nghiem, X.-H., Sinha, A., & Vo, X. V. (2023). Is green finance really “green”? Examining the long-run relationship between green finance, renewable energy and environmental performance in developing countries. Renewa-ble Energy, 208, 341-355. https://doi.org/10.1016/j.renene.2023.03.020.
17. Heijer, Ch., & Coppens, T. (2023). Paying for green: A scoping review of alternative financing models for nature-based solutions. Journal of Environmental Management, 337. https://doi.org/10.1016/j.jenvman.2023.117754.
18. Chenet, H., Ryan-Collins, J., & Lerven, F. (2021). Finance, climate-change and radical uncertainty: Towards a precautionary approach to financial policy. Ecological Economics, 183. https://doi.org/10.1016/j.ecolecon.2021.106957.
19. Kulʹchytsʹkyy, YA.V. (2013). Instytutsiyni zasady ekolohizatsiyi ekonomichnykh system v umovakh posylennya hlobalizatsiyi [Institutional bases of the ecologization of economic systems in the conditions of strengthening of globaliza-tion]. Naukovyy visnyk NLTU Ukrayiny. Seriya «Ekonomika, planuvannya ta upravlinnya v haluzyakh» - Scientific bulletin of NLTU of Ukraine. Series "Econom-ics, planning and management in industries", 23, 18, 116-124. [in Ukrainian].
20. Chukhno, A.A. (2003). Postindustrialʹna ekonomika: teoriya, praktyka ta yikh znachennya dlya Ukrayiny [Post-industrial economy: theory, practice and their sig-nificance for Ukraine]. Kyyiv : Vyd-vo «Lohos». [in Ukrainian].
21. Tunytsya, YU.YU. (2006). Ekoekonomika i rynok: podolannya superechnostey [Eco-economy and the market: overcoming contradictions]. Kyyiv : Vyd-vo «Znannya». [in Ukrainian].
22. Deutsche Bundesbank Eurosystem. (2022). Volume of green bonds issued in Germany and the EU-27. Retrieved from: https://www.bundesbank.de/resource/blob/862744/78d0306d669b571a127b86c329563993/mL/f0110-data.png. [in English].
23. Statista Research Department. (2022). Value of green bonds issued worldwide 2014-2021. Retrieved from: https://www.statista.com/statistics/1289406/green-bonds-issued-worldwide/.
24. National bank of Ukraine. (2021). Polityka shchodo rozvytku staloho finansu-vannya na period do 2025 roku [Policy on the development of sustainable financing for the period until 2025]. Retrieved from: https://bank.gov.ua/admin_uploads/article/Policy_rozvytok-stalogo-finansuvannja_2025.pdf?v=4. [in Ukrainian].
25. Energy reform. (2019). Perspektivy razvitiya rynka «zelenykh» obligatsiy v Ukraine [Prospects for the development of the green bond market in Ukraine]. Re-trieved from: http://reform.energy/analitics/perspektivy-razvitiya-rynka-zelenykh-obligatsiy-v-ukraine-11404. [in Ukrainian].
26. Green Finance Platform. Detailed roadmap of climate change-related actions. www.ecb.europa.eu. Retrieved from: https://www.ecb.europa.eu/press/pr/date/2021/html/ecb.pr210708_1_annex~f84ab35968.en.pdf.
27. The concept of the introduction and development of the green bond market in Ukraine : order of the Cabinet of Ministers of Ukraine No. 175-r (2022, February 23) Retrieved from: https://zakon.rada.gov.ua/laws/show/175-2022-%D1%80#Text. [in Ukrainian].
28. Law of Ukraine On capital markets and organized commodity markets No. 3480-IV (2006, February 23). Retrieved from: https://ips.ligazakon.net/document/t063480?an=596. [in Ukrainian].
29. IFC, Bloomberg (2022). Emerging Market Green Bonds Report 2021.
30. European Commission. (2023). European green bond standard. fi-nance.ec.europa.eu. Retrieved from: https://finance.ec.europa.eu/sustainable-finance/tools-and-standards/european-green-bond-standard_en.
Переглядів анотації: 40 Завантажень PDF: 22 Завантажень PDF: 3
Опубліковано
2023-06-19
Як цитувати
(1)
Хуторна, М.; Руденко, М.; Вовченко, О. Ринок інвестиційних фінансових послуг в умовах екологізації економічного буття та становлення економіки сталого розвитку. fp 2023, 97-119.
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